https://www.taxtmi.com/caselaws?id=427934 Profit-making arrangements in disputed property were treated as an adventure in the nature of trade, not an investment, because the assessee merely lent his name, made no own investment, and the sale proceeds were shared under the arrangement. On those facts, the receipts were taxable as business income rather than long-term capital gains. The text also notes that capital gains could not be charged where one transaction involved defective title and the other lacked valid legal transfer, so no effective capital asset arose in the assessee's hands; computation was additionally unworkable because there was no ascertainable cost of acquisition. en-us Fri, 16 Sep 2022 00:00:00 +0530 Tue, 20 Sep 2022 08:20:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427934 Profit-making arrangements in disputed property were treated as an adventure in the nature of trade, not an investment, because the assessee merely lent his name, made no own investment, and the sale proceeds were shared under the arrangement. On those facts, the receipts were taxable as business income rather than long-term capital gains. The text also notes that capital gains could not be charged where one transaction involved defective title and the other lacked valid legal transfer, so no effective capital asset arose in the assessee's hands; computation was additionally unworkable because there was no ascertainable cost of acquisition. Case-Laws Income Tax Fri, 16 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427934